The Federal Government of Nigeria has introduced SPARK, a USSD-based credit product designed to expand access to loans for small business owners, low-income earners and first-time borrowers who do not have smartphones or internet connectivity.
The initiative, launched by the Nigerian Consumer Credit Corporation (CREDICORP), aims to promote financial inclusion by allowing Nigerians to access credit through basic mobile phones while building formal credit histories.
The product was unveiled during the CREDICORP for All showcase in Aba, Abia State, where more than 1,000 residents were introduced to consumer credit opportunities, including financing for traders, young entrepreneurs and transport operators.
According to CREDICORP, SPARK uses Unstructured Supplementary Service Data (USSD) technology to simplify loan access without requiring internet-enabled devices or mobile applications. The initiative is expected to become more widely available across Nigeria before the end of 2026.
For small businesses, the product could provide an entry point into the formal credit system, particularly for traders and entrepreneurs who have limited access to conventional banking services.
CREDICORP explained that borrowers who demonstrate responsible borrowing and repayment habits would gradually build their credit profiles, potentially improving their chances of accessing additional financing.
Speaking at the event, CREDICORP Managing Director and Chief Executive Officer, Uzoma Nwagba, said the corporation was working to make consumer credit accessible to Nigerians beyond traditional financial institutions.
He emphasised that consumer credit should be available to every working Nigerian rather than being reserved for a privileged few.
Nwagba added that the initiative was designed to provide practical financing opportunities for market women, young Nigerians and transport operators while supporting economic activities and livelihoods.
The event also featured CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative, which provides credit access for locally assembled tricycles by connecting consumers with Nigerian manufacturers and vendors.
The programme is expected to stimulate demand for locally manufactured products, support enterprise development and create employment opportunities across the value chain.
Meanwhile, CREDICORP disclosed that it had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.
Representing Abia State Governor Alex Otti, Chinenye Mba-Uzoukwu said the state government was strengthening the business environment to support traders, young entrepreneurs and households through initiatives that promote enterprise development and access to finance.
Similarly, Armstrong Ume Takang, Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI) and CREDICORP board member, said the initiative demonstrated how government-backed financing could support local manufacturers, stimulate economic activities and expand opportunities for Nigerians.
With the planned expansion of SPARK, the Federal Government is seeking to bring more underserved Nigerians into the formal credit system while supporting entrepreneurship, financial inclusion and local economic growth.
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